Since the end of September, the market has been showing significant growth amid the stimulus of the Chinese economy

Over the past week, September 30-October 7, 2024, the iron ore market experienced strong growth, fueled by new economic stimulus from China. Prices for raw materials continued to move upward, reaching a three-month high amid hopes of stabilizing the Chinese economy, particularly in the real estate sector.

January futures for iron ore, the most traded commodity on the Dalian Commodity Exchange during September 30-October 7, stabilized at 821.5 yuan/t ($117.14/t). Prices remained unchanged amid the Golden Week of holidays in China. At the same time, on the Singapore Exchange, the quotes of the basic November futures slightly decreased during this period – by 3.4%, to $108.2/t.